Biden: “Rest Assured That US Banking System Is Safe”

NBC News reports:

President Joe Biden said Monday that Americans should “rest assured” after his administration acted to ease uncertainties about the banking system in the wake of the collapse of Silicon Valley Bank last week, the second-largest bank failure in U.S. history.

The president spoke about the actions taken by his administration to give Americans confidence that the banking system is safe. “Thanks to the quick action of my administration over the past few days, Americans can have confidence that the banking system is safe,” Biden said. “Your deposits will be there when you need them.”

Biden called for a “full accounting” of what led to the shutdown of SVB and “why those responsible can be held accountable.” “In my administration, no one is above the law. And finally, I must reduce the risk of this happening again,” the president said.

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